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2025-01622 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping Service, Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8067
Reading Time:about 6 minutes
The Cboe EDGX Exchange, Inc. has proposed a rule change to the Securities and Exchange Commission to amend Rule 21.15(b) and introduce the Cboe Timestamping Service. This service includes two optional market data reports, the Missed Liquidity Report and the Cancels Report, which provide timestamp information about order and quote messages. The proposal has become effective immediately as it does not significantly impact investors or the public interest. Interested parties can submit comments on the proposal until February 13, 2025.
Simple Explanation
The Cboe EDGX Exchange has made a new rule that lets people get special reports with times when stock trades happen, but they don't say how much it costs. People have until February 13, 2025, to give their thoughts on this change.
2025-01624 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8065
Reading Time:about 6 minutes
The Securities and Exchange Commission is reviewing a proposed rule change by Cboe Exchange, Inc. The change involves the introduction of a new service called the Cboe Timestamping Service, which offers detailed timestamp information on orders, quotes, and cancels for market participants. This service includes two types of reports: the Missed Liquidity Report and the Cancels Report, both of which are optional and require separate fees. The Exchange has requested the Commission to allow the change to take effect immediately to offer these reports starting January 27, 2025, and the public is invited to submit comments until February 13, 2025.
Simple Explanation
Imagine a big market playground where people buy and sell toys. The playground wants to use a new fun tool to tell the exact time everyone buys, sells, or cancels a toy. But some of the rules to use this tool aren't clear, like how much it costs to play or which toy trades are counted. They're asking for ideas to make it better by a certain date.
2024-31506 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping Service, which is a Market Data Service Comprised of Two Distinct Market Data Reports
January 03, 2025
Type:Notice
Citation:90 FR 342
Reading Time:about 3 minutes
The Cboe BZX Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission (SEC). The proposal aims to update Rule 21.15(b) by introducing the Cboe Timestamping Service. This service offers two market data reports that provide detailed timestamp information for orders and cancellations within the exchange: the Missed Liquidity Report and Cancels Report. The reports are optional and will be available to all members of the exchange, who will pay fees based on their selections. The SEC is inviting public comments on this proposal until January 24, 2025.
Simple Explanation
The Cboe BZX Exchange wants to start offering two new special reports that tell when orders and cancellations happen on their platform, sort of like special clocks that tell time for trades. People who use these reports have to pay, and the government wants to know what everyone thinks about this idea before January 24, 2025.

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